Low Rates Make Streamline Refinance Feasible

Interest Rate Survey

Each week, Freddie Mac releases a Primary Mortgage Market Survey (PMMS) which stands as one of the most well respected tools in the market for monitoring national mortgage interest rate averages and trends.

Over the past few weeks we’ve been on a winning streak, interest rates have been sliding to reach levels not seen since October, 2013.

A year ago this month, interest rates began to rise sharply, catching many wanting to refinance off guard.

Since the last PMMS survey was published, for the week of May 29, 2014, rates have jumped back up, increasing as much as 2 times in a single day.

FHA Streamline Refinance

The Streamline Refinance program is available to anyone with an FHA insured mortgage.

This program essentially allows borrowers with no late payments in the past 12 months to reduce your interest rate in certain situations, without an appraisal, income, or asset documentation.

This low cost refinance program was very popular during the record low interest rate streak that last almost 18 months before rates shot up a year ago this month, June 2013.

Homeowners with a FHA mortgage that either missed the last interest rate drop a year ago, or bought your home after June, 2013 using FHA financing, should know that the interest rates on Government insured loans are quite lower than the conventional financing rates reported in the chart above.

As of the writing of this article on June 1st, 2014, an interest rate under 4% is indeed possible.

VA IRRRL Refinance

VA offers a program very similar to the FHA Streamline refinance, except their program is call the IRRRL, or Interest Rate Reduction Refinance Loan.

As a 18 year veteran of the Mortgage and Real Estate industry, I am passionate about educating and empowering consumers. I have been writing about consumer protection issues, and making sense of complicated real estate and mortgage topics on this website since 2007

FindMyWayHome.com is owned and operated by Scott Schang, a NMLS Licensed mortgage loan officer in the State of California NMLS# 279893 as well as a California Real Estate Broker CalBRE#01329470. The views and opinions expressed on FindMyWayHome.com are those of the authors and do not reflect the views and opinions of any other organization or business. Find My Way Home is a Trademark of FMWH, LLC | 5640 B Telegraph Rd | St Louis MO 63129 Privacy Policy

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